Why Mark Cuban Says Crypto Is Actually Already Regulated
Why Mark Cuban Says Crypto Is Actually Already Regulated
Following the collapse of crypto exchange FTX, multiple notable crypto investors including billionaire Mark Cuban have openly voiced their stance and opinions on not only FTX but other issues within the crypto industry as a whole.
Crypto Regulations
For the longest time, regulations were a big issue that the crypto industry faced as many felt divided on the stance of regulating cryptocurrencies. Shark tank investor and billionaire Mark Cuban argues however, that cryptocurrencies are not actually unregulated, but that current regulators like the SEC are just not doing enough in acting on these regulations.
In a tweet he made on November 13th, Cuban claims regulators like the SEC have not been pushing their regulations on central exchanges enough, arguing that they apply more effort into their settlement with Kim Kardashian’s crypto issue than on crypto exchanges.
Everyone is saying that crypto is unregulated. Not true The SEC says that they regulate crypto. Ask Kim Kardashian and the tokens they have sued or settled with. The question is, given the visibility of the central exchanges , why hasn't the SEC already knocked on their doors ?
— Mark Cuban (@mcuban) November 12, 2022
Related: BlockFi Admit Significant Exposure to FTX But Denies Custody For Majority of Its Assets
Cuban On FTX’s Fall
The billionaire also made some comments on the collapse of crypto exchange FTX. On November 12th, in a Tweet responding to a video of fellow Shark Tank investor Kevin O’Leary praising FTX last month, Cuban argues that FTX’s insolvency and bankruptcy doesn’t actually have much to do with crypto at all.
Cuban argues that FTX’s fall is a result of a banking blow-up rather than a crypto blow-up, suggesting that FTX’s fall isn’t much different to other crises that have happened in the traditional financial world.
“These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital, Savings and Loan and Sub-Prime blowups,” He wrote.
“All different versions of the same story.”
These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital, Savings & Loan and Sub-Prime blowups. All different versions of the same story https://t.co/Go10AxeWZ8
— Mark Cuban (@mcuban) November 12, 2022
Related: Former FTX CEO Sam Bankman-Fried Post a Series Weird Tweets Following The Firm Collapse
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